IvyCap Fund 2 hits the target, raises Rs 300 crore

Venture Capital firm Ivy-Cap Ventures has achieved the first close for its second fund of Rs 600 crore.Payal Ganguly | ET Bureau | April 11, 2016, 07:39 IST

Venture Capital firm Ivy-Cap Ventures has achieved the first close for its second fund of Rs 600 crore. The fund raised Rs 300 crore with sponsor investor IIT Alumni Trust chipping in Rs 120 crore.

Institutional investors from the first fund have also extended their commitment to the new fund.

Focused on early and growth-stage startups founded by alumni of premier institutions like IITs and IIMs, Ivy Cap Fund 2 has already invested in TaskBob and FTCash.

IvyCap expects to complete the funding round by September.

“We have earmarked 90% of our Fund 2 for investments in series A and B rounds. We have also set aside a corpus of Rs 60 crore for IvyCap Startup Platform,” Vikram Gupta, managing partner at IvyCap said.